A term used to describe anybody who looks good enough to masturbate to, usually in a fashion sense; Another way of saying incredibly sexy.

For example:

Amy: "Hey, Kelly! Damn! Did you just go shopping for some new clothes?"
Kelly: "Hey, Amy! Yeah, I did. Thanks to that new diet, I had to buy a whole new wardrobe. Thought I'd try out my new look. Whaddya think?" *Turns around*
Amy: "Wow, Kelly! Look, I'm not gay or anything, but you look absolutely Fapulous! You're gonna kill at the party tonight!"
Kelly: "Thanks, Amy! Uh, what the fuck does Fapulous mean?"